Part of scaling a business requires bosses to get out of the office to meet new clients and invariably that means overseas travel is necessary. However, your pockets will feel the pinch in certain locations
Entrepreneurs would be hard pushed to build partnerships and find new customers by staying behind their desk day in, day out, which is why business travel is an integral part of running a company. Whether it’s visiting clients in cities nationally or booking flights to international shores, making the way to new territories is a step in the right direction for growth.
The way in which a business chooses to travel can vary dramatically, of course – startups may look to do things on a budget while large corporations will opt for business class. In any case, there’s an average amount that leaders should expect to spend in various locations, some of which will cost a pretty penny, cautions mobility solutions provider ECA International.
Looking at the UK first of all, Central London is unsurprisingly the most expensive location with an average price of £444 a day for a business trip, ECA International revealed. The cost is based on the cost of a hotel, food and soft drinks, alcohol, laundry and taxis. Following London was Edinburgh in second place and Manchester in third with expenses of £320 and £282 respectively.
“London business travel has weathered the Brexit uncertainty thus far and it remains one of the busiest business hubs in the world,” said Steven Kilfedder, production manager at ECA International, commenting on the report. “In part this is because demand has been boosted by the fall in the value of the pound after the Brexit vote in 2016, making the UK more affordable for international visitors.”
On a Europe-wide basis, Central London falls to seventh place, with Geneva the priciest destination for business travel in the content at £553. Zurich and Paris accounted for the second and third slots on £511 and £477 respectively.
Going even further afield to look at the dearest global locations for business travel, New York came out on top with an average cost of £618 per day. Following on from the Big Apple was Geneva in second place and Zurich in third, once again demonstrating how costly Switzerland is on an international scale. The US also secured more spots in the global rundown, including Washington DC, San Francisco and Los Angeles.
Kilfedder added: “A big proportion of the cost of business travel to New York can be attributed to the high demand for hotels in the city with a room costing £396 on average. These costs in combination with consistently high prices for transport and at many restaurants can make trips to the city extremely expensive, contributing to the city being ranked the most expensive in the world for business travel.”
Given the costs involved in travelling overseas, it’s understandable that this could be a deterrent for a rising business. But you need only look at the stories of these companies to see the global growth agenda they have lined up for the year to see the potential it can hold.